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Year 2023 - Looking Forward to Change

Here are some of the tax changes for 2023. Keep watching this space for updated tax information:

Taxes • Accounting • Advisory • Assurance

Income Tax Rates for Individuals for Year 2023

Tax Bracket Unmarried Married Filing Jointly Head of Household Married Filing Separately
10% $0-$11,000 $0-$22,000 $0-$15,700 $0-$11,000
12% $11,000-$44,725 $22,000-$89,450 $15,700-$59,850 $11,000-$44,725
22% $44,725-$95,375 $89,450-$190,750 $59,850-$95,350 $44,725-$95,375
24% $95,375-$182,100 $190,750-$364,200 $95,350-$182,100 $95,375-$182,100
32% $182,100-$231,250 $364,200-$462,500 $182,100-$231,250 $182,100-$231,250
35% $231,250-$578,125 $462,500-$693,750 $231,250-$578,100 $231,250-$346,875
37% >$578,125 >$693,750 >$578,100 >$346,875
FICA 2023 (6.2%) maximum wage limit increases to $160,200 from $147,000 for 2023, an increase of $13,200 from 2022. There is no Medicare (1.45%) maximum wage limit for 2023. Starting 1/1/2013, a 0.9 percent Additional Medicare Tax applies to all wages that exceed $200,000 ($250,000 for joint return filers and $125,000 for married filing separately filers).

Standard Deduction Amounts for year 2023

  • MFJ & Surviving Spouses – $27,700
  • HH – $20,800
  • Single – $13,850
  • MFS –  $13,850
Man looking at sign on wall that says "New Tax Laws 2023"

Plus Over 65 or Blind Deduction
for year 2023

  • Over 65 or blind MFJ, HH may deduct an additional $1,500.
  • Over 65 or blind unmarried, not a surviving spouse taxpayers may deduct an additional $1,850.

Long-term Care Premiums deducted as medical care for year 2022

  • Age <41………………….$ 480
  • Age >40 but <51……….$ 890
  • Age >50 but <61……..$1,790
  • Age >60 but <71……..$4,770
  • Age >70………………..$5,960
Standard Mileage Rates for year 2023
1/1/2023 – 12/31/2023

  • Business …………….. $.655/mi.
  • Charitable …………… $.14/mi.
  • Medical ………………. $.22/mi.
  • Moving ……………….. $.22/mi.

You can also check some of the other sections of this website for a brief history of past tax changes. Contact us at 301-649-1600 or 703-269-3918 to get all the answers you need.